Stablecoins are on the verge of mainstream adoption this year as the Trump administration is pushing forward with Landmark Crypto legislation, Investment Bank Deutsche Bank said in a research report on Monday.

Despite some resistance in the Senate last week, the bank said it still expects to see some progress on stablecoin control front this year.

Stableecoins are cryptocurrencies whose value is bound to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets and are also used to transfer money internationally.

Senate’s guidance and the establishment of the National Innovation for US StableCecoins (Genius) Act mandates Federal regulation for stablecoins with a market capital of more than $ 10 billion with the potential for state regulation if it is in accordance with federal rules. The representatives’ stable law requires state regulation without any conditions.

StableCOin Market Capital has exploded in the last five years. The total market capital of stablecoin is currently $ 246 billion, a massive leap from the $ 20 billion seen by 2020, the German bank noted. The largest, Tether’s USDT, has a market capital of about $ 150 billion.

Stablecoin’s now “Power over two -thirds of Crypto Trading, offering unmatched speed, 24/7 access, making cost programmable payments,” analysts Marion Laboure and Camilla Siazon wrote.

Stableecoins are increasingly becoming strategic assets, the report says. “With 83% tied to the US dollar and bundling among the largest holders of US Treasury, they reinforce the dollar dominance in a fragmenting world.”

Genius Act is expected to be adopted in the US in the coming months, and it can trigger a nearly 10 times jump in the stablecoin supply, the Investment Bank Standard Chartered said in a research report last month.

Read more: Stableecoins will expand beyond crypto trade, become part of the mainstream economy, Citi predicts